Perfect World's Financial Report Confirms Tower of Fantasy Earned ¥4B in 2 Years — Third-Party Revenue Tracker Off by 5x, PC Revenue Black Box Stuns Community

A single financial report just exposed what might be the biggest data lie in the mobile gaming sphere — popular Bilibili revenue tracker "二观" (Er Guan, nicknamed "Guan Sheng" / the "Data Saint" by players) has been estimating Tower of Fantasy's earnings at potentially less than half the real figure.

The drama kicked off when Perfect World published its latest financial report. NGA users dug out the key numbers: Tower of Fantasy pulled in approximately ¥4 billion RMB in revenue over its two-year run. With 2022 alone accounting for ¥3 billion, that means 2023 brought in roughly ¥1 billion — averaging around ¥80 million per month.

But what really sent the community into a meltdown was the staggering gap between these official numbers and what Er Guan had been estimating. Users pointed out that according to his March tracking, Tower of Fantasy earned only about ¥15 million — versus the actual monthly average of ¥80 million. That's a 5x discrepancy, not a rounding error.

The root cause points to the oldest unsolved problem in the Chinese mobile gaming space: the PC revenue black box. The original poster praised Tower of Fantasy for "making an MMORPG work on mobile," but a top-voted reply shot back: "Most of that revenue is probably from PC — it hasn't been charting on the iPhone store for ages."

Multiple players backed this up with personal experience. One said the mobile port is "so badly optimized that even an iPhone X can't handle it — cloud gaming is the only option." Another shared: "This game on mobile vs. PC are literally two different games. I quit because I went on a work trip without my laptop and the mobile experience was pure torture." Poor mobile optimization drove most players to PC, but third-party tracking tools simply cannot capture PC revenue. As one user put it: "Financial reports have to be accurate — the government taxes based on them. You think a listed company would commit fraud for fun? Meanwhile, a Bilibili UP host who gets paid by sponsors is supposed to be more reliable?"

The comment section erupted into a fascinating chain-logic debate. One heavily upvoted reply dripped with sarcasm: "Using a Bilibili content creator's paid estimates to question a publicly listed company's audited financials — how hilariously ironic. But hey, he's the 'Data Saint,' right? Even SEC-level fraud investigations can't challenge the Saint's infallibility." Another user did the math: "By Er Guan's model, PC revenue would need to be 10x mobile. The actual ratio? Just 1.2x."

The real bombshell was the domino effect. One user laid out the logic chain with surgical precision: "Er Guan underestimated Tower of Fantasy → Er Guan's data is inaccurate → His miHoYo revenue estimates are inaccurate → miHoYo games are OVERESTIMATED." This single equation dragged Genshin Impact and Honkai: Star Rail into the crossfire. Another commenter added: "Every time I watched Er Guan, I thought Tower of Fantasy was dying. Turns out it's doing just fine. So... is Er Guan going to do an emergency upward revision on the PC coefficients for Genshin and Star Rail now?"

From "my social circle's anecdotal evidence completely failed" to "financial reports are the only truth" — this financial-report-fueled firestorm has once again exposed the biggest blind spot in the Chinese mobile gaming data ecosystem. When mobile is just the tip of the iceberg, how much real revenue are those mobile-chart-dependent trackers hiding in the PC black box? Tower of Fantasy being massively underestimated is now an established fact. The question is: who's next to get fact-checked?